Lpath, Inc. (NASDAQ: LPTN) has announced the receipt of a notification from Pfizer Inc. that Pfizer is currently seeking to divest the company of its commercial interests in ophthalmology, including Pfizer’s exclusive option for a worldwide license to develop and commercialize Lpath’s “iSONEP”, an experimental drug for the treatment of wet AMD. It is understood that Lpath has made an offer to Pfizer to reacquire the rights. The companies had entered an option agreement in December 2010 whereby Pfizer obtained an exclusive option for a worldwide license to develop and commercialize iSONEP in return for a $14 million upfront fee, in addition to which Pfizer contributed to the cost of the Nexus Phase II clinical study.
Pfizer seeks to divest business interests in ophthalmology through finalising an exit agreement with LPath, Inc.
- by swdadmin